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Wisconsin Financial Power of Attorney Form Overview
A Wisconsin financial power of attorney form is a legal document that allows you to appoint someone to manage your finances on your behalf. This can be helpful if you are unable to do so yourself due to incapacity, illness, or absence.
There are two main types of financial power of attorney forms in Wisconsin:
Durable Financial Power of Attorney
- A durable financial power of attorney remains in effect even if you become incapacitated.
- This type of power of attorney is typically used for long-term financial management.
Non-Durable Financial Power of Attorney
- A non-durable financial power of attorney expires if you become incapacitated.
- This type of power of attorney is typically used for short-term financial management, such as when you are out of town on vacation.
Creating a Wisconsin Financial Power of Attorney Form
Creating a Wisconsin financial power of attorney form is a straightforward process that can be completed in a few simple steps. By following these steps, you can ensure that your form is valid and legally binding.
Essential Elements
Before you begin creating your form, it is important to understand the essential elements that must be included. These elements include:
- The principal’s name (the person granting the power of attorney)
- The agent’s name (the person who will be given the power of attorney)
- The scope of the agent’s authority (the specific powers that the agent will be granted)
- The date the form is signed
- The signatures of the principal and the agent
Using a Wisconsin Financial Power of Attorney Form
A Wisconsin financial power of attorney form allows you to designate an agent to manage your financial affairs if you become unable to do so yourself. The agent has a fiduciary duty to act in your best interests and follow your instructions.
To use a Wisconsin financial power of attorney form, you must first complete and sign the form in the presence of a notary public. Once the form is notarized, it becomes legally binding.
The Agent’s Duties and Responsibilities
The agent’s duties and responsibilities under a Wisconsin financial power of attorney form include:
- Managing your finances, including paying your bills, depositing your checks, and investing your money
- Making decisions about your property, such as selling your home or renting out your apartment
- Filing your taxes
- Applying for government benefits on your behalf
The Principal’s Right to Revoke the Power of Attorney
You have the right to revoke the power of attorney at any time, even if you have become incapacitated. To revoke the power of attorney, you must notify the agent in writing of your decision. The revocation will take effect immediately upon receipt by the agent.
Legal Considerations for Wisconsin Financial Power of Attorney Forms
Utilizing a Wisconsin financial power of attorney form involves potential legal issues that require careful consideration. Understanding these issues is crucial before creating or using such a document.
Seeking legal advice from a qualified attorney is highly recommended. They can provide guidance on the legal implications, ensuring that the power of attorney form aligns with your specific needs and complies with Wisconsin laws.
Finding a Qualified Attorney
- Consult the Wisconsin State Bar Association for a list of attorneys specializing in estate planning and financial powers of attorney.
- Ask for recommendations from friends, family, or other trusted sources.
- Check online directories such as Avvo or Martindale-Hubbell for attorney profiles and reviews.
Sample Wisconsin Financial Power of Attorney Forms
Sample Wisconsin financial power of attorney forms provide a framework for creating a legally binding document that grants an agent authority to manage the financial affairs of a principal. These forms can be customized to meet the specific needs of the principal and agent.
Obtaining Sample Forms
Numerous websites and legal organizations offer sample Wisconsin financial power of attorney forms. The Wisconsin State Bar provides a comprehensive form that can be downloaded from their website. Additionally, many law firms and financial institutions offer their own customized forms.
Customizing the Forms
While sample forms provide a starting point, it is crucial to customize them to reflect the specific needs of the principal and agent. This includes:
* Identifying the principal and agent by name and address
* Specifying the scope of the agent’s authority, including the types of financial transactions they are permitted to conduct
* Establishing the duration of the power of attorney, whether it is durable or limited
* Including any specific instructions or limitations the principal wishes to impose
